Landing International Development Ltd says it has raised HK$137.1 million after successfully placing almost 587 million new shares on Wednesday.
The proceeds are set to be used to provide working capital for Landing’s integrated resort, Jeju Shinhwa World, in Jeju, South Korea, and specifically on its gaming business.
A total of 586,978,800 Placing Shares representing 16.67% of issued share capital of the company were placed with six placees at a price of HK$0.235 per share, Landing said.
The placement means the holding of Landing’s Chairman and Executive Director, Yang Zhihui, through his wholly-owned Landing International Ltd has fallen below 50%, from 50.48% prior to the transaction to 42.07% today.
Likewise, Mr Yao Jianhui’s stake has dropped from 7.56% to 6.30% and that of other public shareholders from 41.96% to 34.96%.
Landing recently reported a widened loss of HK$2.13 billion for FY19, compared with a loss of HK$701.5 million in the previous year, due primarily to an 85.7% fall in revenue at Landing Casino.
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